A consortium of private credit firms led by Goldman Sachs Alternatives is providing $3.5bn to support the $8.4bn acquisition of Clearwater Analytics Holdings by private equity sponsors Permira Holdings and Warburg Pincus, according to a report by Bloomberg.
The deal which was originally announced in December 2025 is expected to close by mid-2026. Other lenders in the syndicate include Ares Management, Blue Owl Capital, Antares Capital, and Apollo Global Management.
The debt is being offered at a 4.5-percentage-point premium over the US benchmark. Goldman initially provided committed financing before bringing in the broader lender group.
The deal underscores continued confidence among private credit providers in software acquisitions, despite recent volatility in the sector amid AI-driven disruption. Direct lending remains a key source of capital for private equity firms targeting growth-stage technology platforms, complementing traditional equity funding and facilitating large-scale buyouts.
Similar activity has been seen in the sector, including OneStream Inc, which secured $1.4bn in private credit financing for its pending PE-backed acquisition by Hg.
